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Real Live “Rudy” Ordered To Pay Thousands

LAS VEGAS (AP) — The underdog whose Notre Dame football experience inspired the film “Rudy” is paying a settlement of more than $380,000 amid claims he and others led a stock fraud scheme involving one of his Las Vegas companies.

The Las Vegas Sun reported the settlement Friday in the U.S. Securities and Exchange Commission’s federal suit against Daniel “Rudy” Ruettiger and 12 others associated with sports drink company Rudy Nutrition.

The SEC claims Ruettiger and others grossed more than $11 million in 2008 from an alleged “pump and dump” scheme.

Pump and dump schemes involve companies promoting the financial prospects of their stock to drive up a price, then “dumping” them in a move that sinks the stock’s price and hurts investors.

Ruettiger did not immediately return a message seeking comment.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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